Rupee falls to 48.75, lowest since July '02

Reuters Tags : forex, india, rupee, dollar Posted: Wednesday, Oct 08, 2008 at 1201 hrs Mumbai, October 8::

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The rupee tumbled to its lowest since July 2002 on Wednesday, weighed down by world stock market turmoil and foreign fund withdrawals.

By 12:02 p.m., the partially convertible rupee was at 48.75/79 per dollar, its lowest since July 30, 2002 and 1.7 percent weaker than 47.915/93 at close on Tuesday.

India's main share index slumped more than 7 percent, taking it below 11,000 points for the first time in over two years, as panic gripped investors after overseas markets tanked on concerns of a looming global recession.

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